TORONTO, June 1, 2012 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") announces that
further to the press release published on January 30, 2012, it has
entered into a fourth supplemental agreement (the "Supplemental
Agreement") with China Daye Non-Ferrous Metals Mining Limited ("China
Daye") for a further extension of the deadline for obtaining the Yanxi
Mining Licence in connection with the disposal of the Yanxi Copper
Deposit completed in July 2010.
The PRC government requires additional time to process the application
for the Yanxi Mining Licence. The Company and China Daye have entered
into the fourth Supplemental Agreement for, among other things, the
following terms and conditions:
The deadline for obtaining the Yanxi Mining Licence is extended from May
31, 2012 to October 31, 2012.
The date of repayment from China Daye of the outstanding principal of
the convertible bonds (the "CB") is extended from October 31, 2013 to
December 31, 2013.
Accordingly, at the discretion of China Daye, either:
(i) the repayment date from China Daye of the outstanding principal
of the CB is extended from October 31, 2013 to December 31, 2013,
without extension of the period of the related rights of conversion; or
(ii) subject to approval of The Stock Exchange of Hong Kong Limited
and shareholders of China Daye (if necessary), the maturity date of the
CB is extended from July 22, 2012 to December 31, 2013, including the
deadline for conversion.
Certain statements contained in this press release constitute
forward-looking information. Such statements are based on the current
expectations of management of GobiMin. The readers are cautioned that
such statements are subject to a multitude of risks and uncertainties
that could cause actual results, future circumstances or events to
differ materially from those projected in the forward-looking
information. The readers should not place undue reliance on the
forward-looking information included in this press release given that
(i) actual results could differ materially from a conclusion, forecast
or projection in the forward-looking information, and (ii) certain
material factors or assumptions were applied in drawing a conclusion or
making a forecast or projection as reflected in the forward-looking
information could prove to be inaccurate. These statements speak only
as of the date they are made, and GobiMin assumes no obligation to
revise such statements as a result of any event, circumstance or
otherwise, except in accordance with law. There is no guarantee that
the Transaction will be completed on the terms and conditions described
in this press release.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release."
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SOURCE GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500